Bupa Arabia for Cooperative Insurance Company (Bupa Arabia), among the top insurers in Saudi Arabia, has received the non-objection of the Insurance Authority to its proposed restructuring into a holding company.
The restructuring proposal includes spinning off the company’s insurance business to a new subsidiary. Bupa Arabia is currently working on finalising the details of the restructuring, the company said in a statement lodged with Tadawul (Saudi Exchange) yesterday.
The proposal is subject to the approval of shareholders and the completion of other related regulatory procedures.
Ahead of a planned extraordinary general meeting, Bup Arabia will publish a circular to its shareholders, which will include details of the restructuring, to allow shareholders to make an informed decision when voting on the relevant EGM resolutions.
The restructuring is to realise the insurer's ambition of becoming a leading national integrated healthcare group, contributing to the broader healthcare objectives of the Kingdom in line with Saudi Vision 2030.